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STOP Collector Blog From the law firm of Lemberg & Associates

Payday Loan Complaints? CFPB to the Rescue!

The Consumer Financial Protection Bureau announced that it has started accepting complaints from consumers who are having problems with payday loans. Payday loans, which are typically short-term loans, often have significant strings attached, such as giving the lender access to your checking account and authorizing automatic withdrawals. Unfortunately, high interest rates often lead to a cycle of indebtedness for borrowers.

According to a CFPB press release, the regulatory agency is accepting payday loan complaints from consumers who encounter:

  • Unexpected fees or interest
  • Unauthorized or incorrect charges to their bank account
  • Payments not being credited to their loan
  • Problems contacting the lender
  • Receiving a loan they did not apply for
  • Not receiving money after they applied for a loan

To sent a complaint to the CFPB, visit www.consumerfinance.gov/Complaint

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Author
Sergei Lemberg

Sergei Lemberg is the principal at Lemberg & Associates, a consumer law firm that defends consumer rights in the areas of fair debt collection law, fair credit law, and lemon law, among others. He is regularly labeled by the debt collection industry as one of the “most active consumer attorneys” in the U.S.

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